Overledger in overdrive: Aussie-inspired Quant Network goes parabolic
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An ambitious project to connect the world’s blockchains that was inspired by its founder’s work with Australian health records has been going parabolic after it was listed on Binance last week.
Quant hit an all-time high this morning at US$184.80, although at 12.39pm AEST it had cooled slightly to trade at US$167.13, 0— still up 12.9 per cent from yesterday.
It has gained 70 per cent in the past four days since the Binance listing was announced on Thursday, when QNT tokens were changing hands at US$98.
Quant now has a $US2.1 billion market cap, making it the No. 49 crypto. It was No. 66 a week ago and No. 111 back in early June.
— Dr. Crypto (@askthedr) July 30, 2021
The London-based project is the brainchild of University of Technology, Sydney MBA graduate Gilbert Verdian, who hit upon the idea while working as the chief information security officer for eHealth NSW about five years ago.
“The idea of using blockchain came from having to solve healthcare interoperability, at the time Gilbert and the folks at eHealth solved this problem by creating an enterprise service bus (ESB), which involved millions of dollars in investments and significant changes in infrastructure for what seemed like an imperfect (but best available) solution to the problem,” according to a 2019 project summary.
Verdian wrote on his blog in 2017 that this activity “ultimately resulted in a wider discussion about compliance and standards”. This led to Standards Australia founding a technical committee in the International Organization for Standardization (ISO) devoted to blockchain and digital ledger technology.
But it also caused Verdian to realise the data hub could expand beyond securing the datasharing of health information to a cross-industry, multi-application approach.
“I see a potential similar to that of the internet in the early 90s,” Verdian said in 2017.
“We’re at the cusp of something big, blockchain can change a lot of how the internet operates and a lot of how processes operate, we just don’t know what we can do yet.”
Returning to his native London, Verdian founded the Quant Network with two partners. The project raised US$36.9 million in an April 2018 initial coin offering for US$1.51 a token.
— Gilbert Verdian (@gverdian) May 14, 2019
Gilbert Verdian “Our vision is that OVN is going to be hub that connects the US, China, Latin America, Australia, UK and Europe to interoperate digital assets and cross-border transactions.” $QNT https://t.co/ZsCJ9dUuL8
— Nava Quamfy (@Quamfynavas) March 31, 2021